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Volga Gas PLC (VGAS)

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Monday 06 August, 2018

Volga Gas PLC

PRODUCTION REPORT FOR JULY 2018

RNS Number : 8272W
Volga Gas PLC
06 August 2018
 

6 August 2018

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

 

PRODUCTION REPORT FOR JULY 2018

 

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce its average production volumes for July 2018.

 

In July 2018, average gas processing capacity utilisation decreased by 31% compared to June 2018 due to downtime incurred by Gazprom pipeline maintenance.

 

The average production in July 2018 was 4,516 barrels of oil equivalent per day (32% lower than June 2018). 

 

Average production comprised:

 


July 2018

Average

June 2018

Average

 Jan-July 2018

Average

Gas:

16.6 mmcfd

25.1 mmcfd

16.8 mmcfd

Condensate

1,1012 bpd

1,502 bpd

1,099 bpd

Oil

520 bpd

646 bpd

699 bpd

LPG

212 bpd

352 bpd

234 bpd

Total

4,516 boepd

6,678 boepd

4,829 boepd

 

Actual production is in line with management expectations of production at average level of approximately 4,500 boe per day for the year ending 31 December 2018. This excludes volumes from the LPG project, which are expected to increase to 400 boepd once the LPG facility is fully commissioned. 

 

Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. The gas production numbers for June 2018, as announced on 4 July 2018, have been revised upwards from 24.8 mmcf/d to 25.1 mmcf/d in line with the final official submissions. Condensate, Oil and LPG volumes are unchanged. The total production number for June 2018 is consequently revised from 6,628 to 6,678 boepd.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

 

Volga Gas plc


Andrey Zozulya, Chief Executive Officer

Vadim Son, Chief Financial Officer

Tony Alves, Investor Relations Consultant

+7 (903) 385 9889

+7 (905) 381 4377

+44 (0) 7824 884 342



S.P. Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Richard Redmayne, Richard Morrison, Richard Hail




FTI Consulting

+44 (0) 20 3727 1000

Alex Beagley, Fern Duncan


 

Notes

 

The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.

 

The Company records production in metric tonnes (for oil and condensate) and in cubic metres (for gas).  Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios.  The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter and 6,000 cubic feet per barrel of oil equivalent.

 

Glossary

 

bpd              Barrels per day

boepd          Barrels of oil equivalent per day

mmcfd         Millions of standard cubic feet per day 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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